Forbes values the Celtics at $2.5 billion. A source close to the proposed deal said that negotiations have been ongoing for two months and talks are at an advanced stage.

Earlier this week, US-based Allon announced he is relinquishing ownership of the Hapoel Jerusalem basketball team. He will hand over the team to the other investors after Hapoel lost in the final four to Hapoel Holon. 

Based in New York, Allon insists he is leaving Hapoel because of the growth of his US-based real estate brokerage platform company Compass, which recently raised $450 million from Japan’s Softbank.

Since taking a stake in Hapoel in 2013, Allon’s heavy funding saw them become Israeli champions for the first time in their history in 2015, and win the title again in 2017.